by FoodBizDaily.com staff writer
February 09 2010 - The Spanish food group SOS Cuetara has put its rice business in Spain, the Netherlands and the US up for sale, reports claim.
The move is said to be a bid to reduce a €1.1 billion debt pile and appease creditors, Reuters reported.
Credit Suisse is to oversee the sale, which could also include the group's rice business in Portugal.
The company markets rice in Spain through the brand SOS, which it claims is the top seller there.
In 2006 SOS incorporated the leading Dutch brand Lassie within the group, which it said strengthened its position in rice in Europe.
And in the US, where brands include Comet, Adolphus and Blue Ribbon, consolidation of American Rice Inc, within the SOS Group in 2004 meant that packaging and distribution of rice became the second most important contributor to group sales.
SOS Cuetara’s rice business has reportedly been valued at about €150 million.
The company, said to be the world's leading olive oil bottler, also markets seed oils, as well as table olives, condiments and some confectionery.
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SOS Corporacion Alimentaria SA
Address: Calle Marie Curie 7 Edificio Beta Rivas - Vaciamadrid Madrid, MAD 28529 Spain
Telephone: +34-91-5589505
Fax: n/a
About SOS Corporacion Alimentaria SA
SOS Corporacion Alimentaria SA (former SOS Cuetara SA) is a Spain-based company primarily engaged in the food sector. The main Company’s business areas are Vegetable oils, Biscuits, Rice and Diversification. The Vegetable oils division is engaged mainly in the production and commercialization of the seeds and oil of olives under the brand names Carbonell, Carapelli, Koipe and Sasso. The Biscuit unit is dedicated to the manufacture and distribution of biscuits under the Cuetara brand in Spain, Portugal and the United States, as well as in Mexico under brand name Tosta Rica. The Rice division is engaged in the rice manufacture and distribution under the brands Sos, Saluades, Lassie, Abu Bint, Comet, Adolphus, Blue Ribbon, among others. The diversification division covers production and marketing of the products, such as table olives, vinegars, sauces, mayonnaise, mustards, confectionary products and special products mainly used in the cosmetics and health food industries.